AngioDynamics (NASDAQ:ANGO), a leading provider of innovative,
minimally invasive medical devices for vascular access, surgery,
peripheral vascular disease and oncology, today reported first
quarter financial results for the 2018 fiscal year ended August 31,
2017.
“The first quarter of fiscal 2018 reflects early results of our
commitment to improving our core operational efficiency and
strengthening our business,” said Jim Clemmer, President and Chief
Executive Officer of AngioDynamics. “Sales for our Oncology/Surgery
business saw an 11 percent increase over last year, primarily
driven by Solero, which received FDA clearance during the fiscal
2017 fourth quarter. In addition, we saw strong sales from other
areas of our business, including Fluid Management, Thrombus
Management, the BioFlo family of products and NanoKnife
disposables. We remain committed to our strategic plan and will
continue to invest in the right areas to drive sustainable,
long-term growth.”
First Quarter 2018 Financial Results
Net sales for the fiscal first quarter were $85.4 million, down
3 percent compared to $88.1 million a year ago primarily related to
our Core/Angiographic Catheter business. During the same period of
the 2017 fiscal year, we saw a $4.0 million increase in sales as a
result of the inventory build by our customers related to a
previously disclosed competitor product recall. Currency did
not have an impact in the quarter.
Peripheral Vascular net sales in the first quarter were $49.9
million, down from $52.0 million in the fiscal year 2017 first
quarter as a result of declines in the Venous and Core businesses,
offset by growth in Fluid Management and Thrombus Management.
Vascular Access net sales were $23.2 million in the first quarter,
down from $25.0 million a year ago as a result of declines of
non-BioFlo products, offset by growth in the BioFlo family of
products. First quarter Oncology/Surgery net sales were $12.3
million, up from $11.1 million in the fiscal year 2017 first
quarter, primarily due to sales related to the recently launched
Solero Microwave Tissue Ablation System.
Overall U.S. net sales in the first quarter were $68.9 million,
down from $72.2 million a year ago due to declines in Venous and
Core businesses, offset by growth in the Oncology portfolio.
Overall International net sales in the first quarter were $16.5
million, up from $15.9 million a year ago due to increased sales
across the Oncology/Surgery business.
The Company recorded a net loss of less than one hundred
thousand dollars, or $0.00 on a per share basis in the first
quarter of fiscal 2018. The Company recorded net income of $1.3
million, or $0.04 on a per share basis, in the first quarter of
fiscal 2017.
Gross margins for the first quarter of 2018 were 48.3 percent,
compared to 51.1 percent a year ago. The decline in gross margin is
primarily driven by a recall and voluntary market withdrawal of the
Acculis Microwave Tissue Ablation System which was initiated in the
fourth quarter of fiscal 2017.
Excluding the items shown in the attached quarterly non-GAAP
reconciliation table, adjusted net income for the first quarter of
fiscal 2018 was $4.6 million, or $0.12 per share, compared to an
adjusted net income of $6.4 million, or $0.17 per share, in the
first quarter of fiscal 2017. Adjusted EBITDAS in the first quarter
of fiscal 2018, excluding the items shown in the attached
reconciliation table, was $10.6 million compared to $14.2 million
in the first quarter of fiscal 2017.
In the first quarter of fiscal 2018, the Company generated $3.0
million in operating cash flow and $2.5 million in free cash flow.
As of August 31, 2017, cash and cash equivalents were $48.2 million
and debt was $96.3 million.
“There were a couple of factors that impacted our financial
results during the first quarter when compared to prior year,
including decisions we made to address the recall and voluntary
market withdrawal of Acculis and the inventory build in our
Core/Angiographic Catheter business,” said Michael C. Greiner,
Executive Vice President and Chief Financial Officer of
AngioDynamics, adding that, “our results for the first quarter were
in-line with our expectations and given the strength of our overall
execution we are reaffirming our fiscal 2018 guidance to reflect
that confidence.”
Fiscal Year 2018 Financial Guidance
The Company reaffirmed its FY2018 financial
guidance of a net sales range of $352 to $359 million, adjusted
earnings per share (EPS) of $0.64 to $0.68 and free cash flow of
greater than $35 million.
Conference Call
AngioDynamics will host a conference call and webcast today at
8:00am ET to discuss its first quarter results and answer
questions. To participate in the live call by telephone, please
call 800-263-8506 and reference the Conference ID: 9276207. In
addition, a live webcast and archived replay of the call will be
available at investors.angiodynamics.com/events. To access the live
webcast, please go to the website 15-minutes prior to its start to
register, download and install the necessary software.
Use of Non-GAAP Measures
Management uses non-GAAP measures to establish operational
goals, and believes that non-GAAP measures may assist investors in
analyzing the underlying trends in AngioDynamics' business over
time. Investors should consider these non-GAAP measures in addition
to, not as a substitute for or as superior to, financial reporting
measures prepared in accordance with GAAP. In this news release,
AngioDynamics has reported net sales excluding a supply agreement;
adjusted EBITDAS; adjusted net income, adjusted earnings per share
and free cash flow. Management uses these measures in its internal
analysis and review of operational performance. Management believes
that these measures provide investors with useful information in
comparing AngioDynamics' performance over different periods. By
using these non-GAAP measures, management believes that investors
get a better picture of the performance of AngioDynamics'
underlying business. Management encourages investors to review
AngioDynamics' financial results prepared in accordance with GAAP
to understand AngioDynamics' performance taking into account all
relevant factors, including those that may only occur from time to
time but have a material impact on AngioDynamics' financial
results. Please see the tables that follow for a reconciliation of
non-GAAP measures to measures prepared in accordance with GAAP.
About AngioDynamics
AngioDynamics Inc. is a leading provider of innovative,
minimally invasive medical devices used by professional healthcare
providers for vascular access, surgery, peripheral vascular disease
and oncology. AngioDynamics' diverse product lines include
market-leading ablation systems, fluid management systems, vascular
access products, angiographic products and accessories drainage
products, thrombolytic products and venous products. More
information is available at AngioDynamics.com.
Trademarks
AngioDynamics, the AngioDynamics logo, and Solero are trademarks
and/or registered trademarks of AngioDynamics Inc., an affiliate or
a subsidiary.
Safe Harbor
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements regarding AngioDynamics' expected future financial
position, results of operations, cash flows, business strategy,
budgets, projected costs, capital expenditures, products,
competitive positions, growth opportunities, plans and objectives
of management for future operations, as well as statements that
include the words such as "expects," "reaffirms," "intends,"
"anticipates," "plans," "believes," "seeks," "estimates,"
"optimistic," or variations of such words and similar expressions,
are forward-looking statements. These forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties. Investors are cautioned that actual events or
results may differ from AngioDynamics' expectations. Factors that
may affect the actual results achieved by AngioDynamics include,
without limitation, the ability of AngioDynamics to develop its
existing and new products, technological advances and patents
attained by competitors, infringement of AngioDynamics' technology
or assertions that AngioDynamics' technology infringes the
technology of fourth parties, the ability of AngioDynamics to
effectively compete against competitors that have substantially
greater resources, future actions by the FDA or other regulatory
agencies, domestic and foreign health care reforms and government
regulations, results of pending or future clinical trials, overall
economic conditions, the results of on-going litigation, challenges
with respect to fourth-party distributors or joint venture partners
or collaborators, the results of sales efforts, the effects of
product recalls and product liability claims, changes in key
personnel, the ability of AngioDynamics to execute on strategic
initiatives, the effects of economic, credit and capital market
conditions, general market conditions, market acceptance, foreign
currency exchange rate fluctuations, the effects on pricing from
group purchasing organizations and competition, the ability of
AngioDynamics to integrate purchased businesses, as well as the
risk factors listed from time to time in AngioDynamics' SEC
filings, including but not limited to its Annual Report on Form
10-K for the year ended May 31, 2017. AngioDynamics does not assume
any obligation to publicly update or revise any forward-looking
statements for any reason.
In the United States, the NanoKnife System has received a 510(k)
clearance by the Food and Drug Administration for use in the
surgical ablation of soft tissue, and is similarly approved for
commercialization in Canada, the European Union and Australia. The
NanoKnife System has not been cleared for the treatment or therapy
of a specific disease or condition.
ANGIODYNAMICS, INC. AND
SUBSIDIARIES |
CONSOLIDATED INCOME STATEMENTS |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
August 31, |
|
August 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
Net sales |
|
$ |
85,411 |
|
|
$ |
88,098 |
|
|
Cost of sales
(exclusive of intangible amortization) |
|
|
44,182 |
|
|
|
43,066 |
|
|
Gross
profit |
|
|
41,229 |
|
|
|
45,032 |
|
|
% of net
sales |
|
|
48.3 |
% |
|
|
51.1 |
% |
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
Research
and development |
|
|
6,441 |
|
|
|
6,709 |
|
|
Sales and
marketing |
|
|
19,402 |
|
|
|
19,455 |
|
|
General
and administrative |
|
|
8,056 |
|
|
|
8,201 |
|
|
Amortization of intangibles |
|
|
4,096 |
|
|
|
4,235 |
|
|
Change in
fair value of contingent consideration |
|
|
105 |
|
|
|
443 |
|
|
Acquisition, restructuring and other items, net |
|
|
2,989 |
|
|
|
2,417 |
|
|
Total
operating expenses |
|
|
41,089 |
|
|
|
41,460 |
|
|
Operating income |
|
|
140 |
|
|
|
3,572 |
|
|
Other (expense),
net |
|
|
(156 |
) |
|
|
(669 |
) |
|
Income
(loss) before income taxes |
|
|
(16 |
) |
|
|
2,903 |
|
|
Income tax expense |
|
|
19 |
|
|
|
1,603 |
|
|
Net
income (loss) |
|
$ |
(35 |
) |
|
$ |
1,300 |
|
|
|
|
|
|
|
|
Earnings (loss) per
share |
|
|
|
|
|
Basic |
|
$ |
(0.00 |
) |
|
$ |
0.04 |
|
|
Diluted |
|
$ |
(0.00 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
|
|
|
Basic |
|
|
36,919 |
|
|
|
36,319 |
|
|
Diluted |
|
|
36,919 |
|
|
|
36,698 |
|
|
|
|
|
|
|
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Gross Profit to non-GAAP Adjusted
Gross Profit |
|
|
|
|
|
|
|
Three months ended |
|
|
August 31, |
|
August 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
Gross profit |
$ |
41,229 |
|
|
$ |
45,032 |
|
|
|
|
|
|
|
Inventory charge
included in cost of sales |
|
- |
|
|
|
(1 |
) |
|
Adjusted
gross profit |
$ |
41,229 |
|
|
$ |
45,031 |
|
|
Adjusted
gross profit % of sales |
|
48.3 |
% |
|
|
51.1 |
% |
|
|
|
|
|
|
Reconciliation of Net Income to non-GAAP Adjusted Net
Income: |
|
|
|
|
|
|
|
Three months ended |
|
|
August 31, |
|
August 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
Net income (loss) |
$ |
(35 |
) |
|
$ |
1,300 |
|
|
|
|
|
|
|
Inventory charge
included in cost of sales |
|
- |
|
|
|
(1 |
) |
|
Amortization of
intangibles |
|
4,096 |
|
|
|
4,235 |
|
|
Change
in fair value of contingent consideration |
|
105 |
|
|
|
443 |
|
|
Acquisition, restructuring and other items, net (1) |
|
2,989 |
|
|
|
2,417 |
|
|
Tax effect of non-GAAP
items (2) |
|
(2,564 |
) |
|
|
(1,996 |
) |
|
Adjusted
net income |
$ |
4,591 |
|
|
$ |
6,398 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Diluted Earnings Per Share to non-GAAP
Adjusted Diluted Earnings Per Share: |
|
|
|
|
|
|
|
Three months ended |
|
|
August 31, |
|
August 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
Diluted earnings (loss)
per share |
$ |
(0.00 |
) |
|
$ |
0.04 |
|
|
|
|
|
|
|
Amortization of
intangibles |
|
0.11 |
|
|
|
0.11 |
|
|
Change
in fair value of contingent consideration |
|
0.00 |
|
|
|
0.01 |
|
|
Acquisition, restructuring and other items, net (1) |
|
0.08 |
|
|
|
0.06 |
|
|
Tax effect of non-GAAP
items (2) |
|
(0.07 |
) |
|
|
(0.05 |
) |
|
Adjusted
diluted earnings per share |
$ |
0.12 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
diluted sharecount |
|
37,230 |
|
|
|
36,698 |
|
|
|
|
|
|
|
(1)
Includes costs related to mergers and acquisition activities,
integrations, restructurings, asset impairments and write-offs,
litigation, and other items. |
|
(2)
Represents the net tax effect of non-GAAP adjustments. Based
on our historical non-GAAP earnings, our tax effect of non-GAAP
items has been calculated assuming no valuation allowance on our
deferred tax assets and an effective tax rate of 36%. |
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION
(Continued) |
(in thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to EBITDAS and Adjusted
EBITDAS: |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
August 31, |
|
August 31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
(35 |
) |
|
$ |
1,300 |
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
19 |
|
|
|
1,603 |
|
|
Interest
expense |
|
759 |
|
|
|
723 |
|
|
Depreciation and amortization |
|
5,716 |
|
|
|
6,042 |
|
|
Stock-based compensation |
|
1,797 |
|
|
|
1,684 |
|
|
EBITDAS |
$ |
8,256 |
|
|
$ |
11,352 |
|
|
|
|
|
|
|
|
|
Inventory
charge included in cost of sales |
|
- |
|
|
|
(1 |
) |
|
Change in fair value of contingent consideration |
|
105 |
|
|
|
443 |
|
|
Acquisition, restructuring and other items, net (1,2) |
|
2,881 |
|
|
|
2,417 |
|
|
Other expense, net |
|
(603 |
) |
|
|
(54 |
) |
|
Adjusted EBITDAS |
$ |
10,639 |
|
|
$ |
14,157 |
|
|
|
|
|
|
|
|
|
Per diluted
share: |
|
|
|
|
EBITDAS |
|
$ |
0.22 |
|
|
$ |
0.31 |
|
|
Adjusted EBITDAS |
$ |
0.29 |
|
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes costs related to mergers and acquisition activities,
integrations, restructurings, asset impairments and write-offs,
litigation, and other items. |
|
(2)
Excludes depreciation expense captured in the depreciation and
amortization component of the reconciliation. |
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES |
|
NET SALES BY PRODUCT CATEGORY AND BY
GEOGRAPHY |
|
(unaudited in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
|
|
|
|
|
|
Currency |
|
Constant |
|
|
|
August 31, |
|
August 31, |
|
% |
|
Impact |
|
Currency |
|
|
|
|
2017 |
|
|
2016 |
|
Growth |
|
(Pos) Neg |
|
Growth |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by Product
Category |
|
|
|
|
|
|
|
|
|
|
|
Peripheral Vascular |
|
$ |
49,865 |
|
$ |
52,029 |
|
-4 |
% |
|
|
|
|
|
Vascular
Access |
|
|
23,238 |
|
|
25,005 |
|
-7 |
% |
|
|
|
|
|
Oncology/Surgery |
|
|
12,308 |
|
|
11,064 |
|
11 |
% |
|
|
|
|
|
Total |
|
$ |
85,411 |
|
$ |
88,098 |
|
-3 |
% |
|
0 |
% |
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales by
Geography |
|
|
|
|
|
|
|
|
|
|
|
United
States |
|
$ |
68,931 |
|
$ |
72,208 |
|
-5 |
% |
|
0 |
% |
|
-5 |
% |
|
International |
|
$ |
16,480 |
|
$ |
15,890 |
|
4 |
% |
|
0 |
% |
|
4 |
% |
|
Total |
|
$ |
85,411 |
|
$ |
88,098 |
|
-3 |
% |
|
0 |
% |
|
-3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES |
|
CONSOLIDATED BALANCE SHEETS |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, |
|
May 31, |
|
|
|
|
|
|
2017 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
Assets |
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
48,200 |
|
$ |
47,544 |
|
|
|
|
Marketable
securities |
|
|
1,215 |
|
|
1,215 |
|
|
|
|
Total cash and
investments |
|
|
49,415 |
|
|
48,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net |
|
|
41,283 |
|
|
44,523 |
|
|
|
|
Inventories |
|
|
55,425 |
|
|
54,506 |
|
|
|
|
Prepaid income
taxes |
|
|
312 |
|
|
336 |
|
|
|
|
Prepaid expenses and
other |
|
|
4,287 |
|
|
5,790 |
|
|
|
|
Total current
assets |
|
|
150,722 |
|
|
153,914 |
|
|
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
44,353 |
|
|
45,234 |
|
Other
non-current assets |
|
2,431 |
|
|
1,886 |
|
Intangible
assets, net |
|
141,583 |
|
|
145,675 |
|
Goodwill |
|
361,252 |
|
|
361,252 |
|
|
|
|
Total
Assets |
|
$ |
700,341 |
|
$ |
707,961 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
17,421 |
|
$ |
18,087 |
|
|
|
|
Accrued
liabilities |
|
|
32,264 |
|
|
38,804 |
|
|
|
|
Current portion of
long-term debt |
|
|
5,000 |
|
|
5,000 |
|
|
|
|
Current portion of
contingent consideration |
|
|
9,638 |
|
|
9,625 |
|
|
|
|
Total current
liabilities |
|
|
64,323 |
|
|
71,516 |
|
Long-term
debt, net of current portion |
|
90,147 |
|
|
91,320 |
|
Deferred
income taxes, long-term |
|
26,030 |
|
|
26,112 |
|
Contingent
consideration, net of current portion |
|
1,128 |
|
|
3,136 |
|
Other
long-term liabilities |
|
829 |
|
|
850 |
|
|
|
|
Total
Liabilities |
|
|
182,457 |
|
|
192,934 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
517,884 |
|
|
515,027 |
|
|
|
|
Total
Liabilities and Stockholders' Equity |
|
$ |
700,341 |
|
$ |
707,961 |
|
|
|
|
|
|
|
|
|
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
August 31, |
|
August 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
Net income (loss) |
|
$ |
(35 |
) |
|
$ |
1,300 |
|
Adjustments to reconcile net income (loss) to net cash
provided by operating activities: |
|
|
|
|
Depreciation and amortization |
|
|
5,793 |
|
|
|
6,153 |
|
Stock-based compensation |
|
|
1,797 |
|
|
|
1,684 |
|
Change in
fair value of contingent consideration |
|
|
105 |
|
|
|
443 |
|
Deferred
income taxes |
|
|
(82 |
) |
|
|
1,565 |
|
Change in
accounts receivable allowance |
|
|
278 |
|
|
|
(197 |
) |
Write-off
of other assets |
|
|
- |
|
|
|
45 |
|
Other |
|
|
(567 |
) |
|
|
18 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
Receivables |
|
|
3,103 |
|
|
|
2,822 |
|
Inventories |
|
|
(781 |
) |
|
|
(3,049 |
) |
Prepaid
and other assets |
|
|
620 |
|
|
|
(869 |
) |
Accounts
payable and accrued liabilities |
|
|
(7,195 |
) |
|
|
(2,475 |
) |
Net
cash provided by operating activities |
|
|
3,036 |
|
|
|
7,440 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Additions to property, plant and equipment |
|
|
(501 |
) |
|
|
(481 |
) |
Net
cash used in investing activities |
|
|
(501 |
) |
|
|
(481 |
) |
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
Repayment of long-term debt |
|
|
(1,250 |
) |
|
|
(2,500 |
) |
Payment of contingent consideration |
|
|
(2,100 |
) |
|
|
(2,100 |
) |
Proceeds from exercise of stock options and ESPP |
|
|
812 |
|
|
|
2,803 |
|
Net
cash provided by (used in) financing activities |
|
|
(2,538 |
) |
|
|
(1,797 |
) |
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
659 |
|
|
|
(84 |
) |
Increase in cash and cash equivalents |
|
|
656 |
|
|
|
5,078 |
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
Beginning of period |
|
|
47,544 |
|
|
|
32,333 |
|
End
of period |
|
$ |
48,200 |
|
|
$ |
37,411 |
|
|
|
|
|
|
ANGIODYNAMICS, INC. AND
SUBSIDIARIES |
GAAP TO NON-GAAP RECONCILIATION |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Free Cash Flows: |
|
|
|
|
|
|
Three months ended |
|
August 31, |
|
August 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
|
|
Net cash provided by
operating activities |
|
$ |
3,036 |
|
|
$ |
7,440 |
|
|
|
Additions to property,
plant and equipment |
|
|
(501 |
) |
|
|
(481 |
) |
|
|
Free Cash
Flow |
|
$ |
2,535 |
|
|
$ |
6,959 |
|
|
|
|
|
|
|
|
|
|
|
|
Company
Contact: |
Investor
Relations Contacts: |
Media
Contact: |
AngioDynamics Inc. Caitlin Stefanik (518) 795-1418
cstefanik@angiodynamics.com |
FTI
Consulting Jim Polson (312) 553-6730 Jim.Polson@fticonsulting.com
Kotaro Yoshida (212)
850-5690Kotaro.Yoshida@fticonsulting.com |
FTI
ConsultingKimberly Ha(212)
850-5612kimberly.ha@fticonsulting.com |
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